Academic Bank of Credits (ABC) : Full form, Functions, Working & Benefits

What is Academic Bank of Credits (ABC)?

The Academic Bank of Credits (ABC) ID is an impressive initiative that can transform the higher education landscape in India. Students can utilise an ABC ID to optimise the value of their academic records, delve into many learning options, and customise their educational journey according to their interests and objectives. The ABC ID serves as a very effective tool in equipping students with the necessary expertise to excel as professionals and thrive in a future that values a wide range of abilities.

Academic Bank of Credits (ABC) was founded along with the footsteps of the National Academic Depository (NAD), in the sense that NAD is the backbone of ABC, where students’ academic records are held and academic awards are saved (i.e. academic award storehouse). Even though ABC allows students to register or begin credit transfer, the ultimate results of credit redemption and certificate issuing, in addition to the collection of award records, are managed by academic institutions through the NAD Platform.

Functions of Academic Bank of Credit (ABC)

1. Academic Transactions: The Academic Bank will be responsible for opening, shutting down, and certifying student academic accounts. It will perform activities such as credit collection, credit verification, and student credit transfer/redemption.

2. All courses Under Purview: The courses include government and institute-provided online and distance learning options.

3. Redeemable Credits: These academic credits acquired by students will be valid for up to seven years and can be redeemed by students. Credits earned can be redeemed, and students can apply for second-year admission at any university. The validity period can extend a maximum of seven years, therefore students must return within that time frame.

How does the Academic Bank of Credits (ABC) Work?

The Academic Bank of Credits (ABC) would serve as the hub for faculty members to access student credit reports. For the students to participate in the ABC, they must adhere to the provided guidelines.

1. Creating an ABC Account: All students must establish an Academic Bank Account. Details such as the user’s name, address, certificates, and course information may be necessary in order to establish the ABC account. A distinct user ID and password will be generated, enabling students to access their earned credits at any time by logging in.

2, Information Regarding Credits Per Course: The government shall establish a credit structure in accordance with the courses. Automatic credit is allocated to students who successfully complete courses and pass examinations. On the digital portal, institutions must complete the required information and submit the deposits to the Academic Credit Bank account of the students.

3. Credit Verification And Evaluation: Credit evaluations and verifications of any kind will be conducted periodically by the Academic Bank of Credits. In order to transfer credits, students are required to initiate contact with the ABC for further steps. It will aid in the regulation of processes in the most genuine manner possible.

4. Types of Course: Offline and online are both included within the scheme. Prominent examples include national schemes, which comprise NPTEL, SWAYAM, V-LAB instrument. Thus, the ABC will assist students in virtually all possible areas by covering nearly all course types, including distance learning courses.

5. Validity of Credit: Seven years of validity are applicable to the credits collected by students. In contrast, credit validity is subject to change in accordance with course offerings or academic fields. Whenever this occurs, ABC shall furnish students with the specifics regarding the exceptions. A student may redeem earned credits within the allotted seven-year period, regardless of any interruptions or inability to continue with their education.

Importance of Academic Bank of Credit (ABC)

1. Choice to Students: Expands the autonomy of the student with regard to course selection and academic pursuits.

2. Chance of Withdrawal: Permits the student, who is eligible, to withdraw at any time during the academic year in exchange for the credits earned for a certificate or diploma.

3. Redeemable Credits: They are permitted to redeem the credits and resume their education at the same institution or another in the future.

Expected Impact of ABC on Educational System

The UGC anticipates a favourable outcome that will result from the implementation of the ABC in the subsequent years years. Higher education institutions (HEIs) that participate in the system will greatly benefit from the efficient administration of credits. An interdisciplinary and multidisciplinary strategy is currently necessary. The Academic Bank of Credits enables Higher Education Institutions (HEIs) to facilitate students in acquiring knowledge in their preferred topics, hence fostering the development of graduates with a focus on practical skills. The Academic Bank of Credits (ABC) ID is a fantastic project that has the potential to alter India’s higher education scene. Students can use an ABC ID to maximise the potential of their academic records, explore varied learning opportunities, and tailor their educational journey to their interests and objectives. The ABC ID is an effective instrument for preparing students to become skilled professionals and for a future that recognises diverse skills.

Frequently Asked Questions (FAQs)

1. What is the Academic Bank Of Credit (ABC)?

Answer: Academic Bank of Credits (ABC) is a digital database that manages information relating to the credits that students earn over the course of their academic careers. ABC operates as an academic bank in the manner of commercial financial institutions, catering to students who hold academic accounts. The bank is obligated to furnish these account holders with a range of services, such as credit verification, credit accumulation, credit transfer or redemption, and authentication of academic awards.

2. How does the Academic Bank Of Credit work?

Answer: Facilitators can implement the credit system in the following steps.

• The government establishes a credit system.
• An academic bank account is established for each student through a digital portal. Credits are issued upon students automatically upon course completion and exam clearance.
• The institutes complete the necessary information and transfer the funds to the students’ accounts.

3. What are the roles and responsibilities of the Academic Bank of Credit (ABC)?

Answer: Credit collection, credit verification, credit transfer, credit redemption, and verification of academic awards are all functions of ABC. The Academic Bank of Credit will place credits granted by registered higher education institutions (HEIs) for courses taken therein into the students’ Academic Bank Accounts. The validity of these credits shall be determined in accordance with the UGC’s periodic regulations and guidelines. ABC shall not directly take any documentation concerning course credits for students. However, it shall consider such documents valid only after they have been transmitted by the registered higher education institutions that are awarding the credits.

4. Who first introduced the Academic Bank of Credit (ABC)?

Answer: Mr. Narendra Modi announced the Academic Bank of Credit (ABC) as part of the National Education Policy in 2020.

5. What services does the Academic Bank of Credit (ABC) provide?

Answer: The Academic Bank of Credit (ABC) performs the following functions:

• The Academic Bank of Credit (ABC) is in charge of opening, closing, and verifying student academic accounts.
• Students’ academic scores are valid for up to 7 years, and they can be redeemed.
• The programme applies to all forms of education, including online, distance, and traditional schools.